US Gold Ownership and the Federal Reserve
The United States has maintained significant gold reserves for decades, but the gold is held by the US Treasury—not the Federal Reserve. The Federal Reserve’s FAQ page explicitly states, “The Federal Reserve does not own gold.” After the 1934 Gold Reserve Act, all gold was transferred to the Treasury.
The Federal Reserve Bank of New York (FRBNY) does not own any gold in its famous Manhattan vault; it simply stores gold for account holders. Gold has played a major role in monetary history, from the 19th-century gold standard to the Bretton Woods system.
How and Where the US Stores Its Gold
By the end of 2024, all federal government gold—about 261 million troy ounces—was stored by the US Treasury. Roughly 95% is held in US Mint facilities, with the largest vault at Fort Knox, Kentucky, containing around 147.3 million ounces. During World War II, Fort Knox held up to 649.6 million ounces as gold was moved inland for security. Today, the remaining gold is stored at West Point, New York (about 56.1 million ounces), and Denver (about 43.9 million ounces).
The FRBNY holds only about 13.38 million ounces of US gold—around 5% of the total Treasury reserve—while the Mint retains the rest.
The Unique Role of the New York Fed Vault
The New York Fed vault is a massive underground storage facility, more than 80 feet below street level, holding about 507,000 gold bars (around 6,331 metric tons). This makes it the world’s largest gold repository. The Fed does not own the gold; instead, it “holds and cares for the gold on behalf of account holders,” including the US Treasury, foreign governments, central banks, and international organizations.
Each bar is numbered and stored separately by account. When governments withdraw gold, the FRBNY returns an identical bar to the one deposited. The gold is never bought, sold, or owned by the Fed. As of November 2024, the FRBNY vault held 13,376,987 ounces of US gold bullion and 73,452 ounces of US gold coins..
Foreign Gold Holdings in the New York Fed
The FRBNY also safeguards large foreign gold deposits. Germany stores about one-third of its 3,352 tonnes of gold in New York—roughly 1,200 tonnes. In 2025, German politicians requested checks or repatriation. Italy owns about 43% of the gold at the FRBNY, around 1,060 tonnes. Other central banks and institutions, such as the IMF, also store gold here for security.
France and Russia store nearly all their gold domestically, and by 2019, the Netherlands had repatriated most of its gold from the US.
Gold’s Changing Role in Global Finance
Gold was once central to global monetary policy. In the 19th century, gold standards pegged currencies to gold. The 1944 Bretton Woods Agreement fixed the US dollar to gold at $35 an ounce. Exporting nations accumulated gold reserves, often in New York.
By 1972, New York’s gold reserves reached 12,711 tonnes. The Gold Pool—an alliance of the US and seven European nations—sold gold to keep the price stable. In 1971, President Nixon suspended dollar convertibility, ending Bretton Woods. The IMF later removed gold’s official role in exchange rates, selling part of its reserves.
Today, the New York Fed holds about 5% of US gold as a safeguard, but most is owned by foreign nations. While the vaults once played a vital role in the gold standard, gold now serves as a strategic reserve rather than as direct money.
Key Takeaways
- The New York Fed does not own gold; it acts as a secure custodian for the US Treasury and foreign nations.
- About 95% of US gold is kept in Mint vaults, with Fort Knox as the largest.
- Only 5% of US gold is held at the New York Fed, primarily for safekeeping.
- The vault stores gold for many nations, including Germany and Italy, and for international institutions.
- Gold’s role has shifted from currency anchor to strategic reserve, reflecting changes in global finance.
- The New York Fed vault remains the world’s largest gold repository, symbolizing trust and stability in the global system.
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